Purpose – The purpose of this paper is to explore the relationship between corporate governance and firm value at different stages of the corporate life-cycle. Design/methodology/approach – The authors use two measures, commonly employed in the literature, to differentiate between...

We study how investability, or openness to foreign equity investors, affects firm value in a sample of over 1,400 firms from 26 emerging markets. We find that, on average, investability is associated with a 9% valuation premium (as measured by Tobin's q). However, in firm-fixed effects...